THE WRIGHT EQUIFUND EQUITY TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
o Wright EquiFund -- Hong Kong/China
o Wright EquiFund -- Japan
o Wright EquiFund -- Mexico
o Wright EquiFund -- Netherlands
<PAGE>
THE WRIGHT EQUIFUND EQUITY TRUST
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The Wright EquiFund Equity Trust (EquiFund) is an open-end, management
investment company, known as a mutual fund, registered as a diversified
investment company under the Investment Company Act of 1940. EquiFund consists
of four separate and distinct non-diversified series or funds:
Wright EquiFund -- Hong Kong/China Wright EquiFund -- Mexico
Wright EquiFund -- Japan Wright EquiFund -- Netherlands
INVESTMENT OBJECTIVE
Each Fund of EquiFund seeks to enhance total investment return (consisting of
price appreciation plus income) by investing in a broadly based portfolio of
equity securities selected from the publicly traded companies in the National
Equity Index for the nation or nations in which each Fund is permitted to
invest. Only securities for which adequate public information is available and
which could be considered acceptable for investment by a prudent person are
included in the National Equity Indexes.
TABLE OF CONTENTS
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Investment Objective ................................Inside Front Cover
Letter To Shareholders ......................................1
Management Discussion .......................................2
Dividend Distributions and Investment Return ................6
PORTFOLIOS
Wright EquiFund -- Hong Kong/China...........................8
Wright EquiFund -- Japan.....................................9
Wright EquiFund -- Mexico...................................10
Wright EquiFund -- Netherlands..............................11
FINANCIAL STATEMENTS
Wright EquiFund -- Hong Kong/China..........................12
Wright EquiFund -- Japan....................................14
Wright EquiFund -- Mexico...................................16
Wright EquiFund -- Netherlands..............................18
Financial Highlights........................................20
Notes to Financial Statements ..............................24
<PAGE>
LETTER TO SHAREHOLDERS
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July, 2000
Dear Shareholders:
The first half of 2000 has been a raucous period for investors, with some
of the most volatile trading in history, particularly in April. With May and
June, market volatility receded to half of April's level and for stocks outside
of the technology, trading volatility has more or less returned to normal.
Despite all the sound and fury of the first half of 2000, the major stock market
averages start the third quarter little changed from end-of-1999 levels. The
FTSE total return indexes for Europe (-3.9% in the first half of 2000), Japan
(-7.7%) and non-Japan Asia (-9.3%) were each weaker than U.S. stocks (-0.2%).
Actually, in local currency terms, Europe was nominally ahead of the U.S.
quarter, but weakness in the euro hurt investment returns to U.S.-based
investors.
During April and most of May, investors waited anxiously for signs that the
U.S. economy was cooling. In the absence of those signs, fears of extended
Federal Reserve monetary tightening sent bond yields higher and share prices
lower. During June, with government reports turning up evidence that economic
activity was slowing, the bond market recovered and investor concerns shifted to
the outlook for corporate profits. In the opening days of July, a spate of
companies - including some prominent computer software companies - issued
warnings that earnings would fall short of Wall Street estimates.
After two months of declines, leading economic indicators for the OECD
nations rose 0.4% in the latest month. In virtually all regions - Europe, G-7,
Japan - indicators show solid gains over the latest 12-month period. Wright
expects the U.S. economy to settle back into a 3.5% to 4% rate of expansion, one
characterized by productivity growth and low inflation. At the same time, we
find little to quarrel with in the consensus growth estimates for Europe (3.4%
in 2000/3.1% in 2001) or Japan (1.7%/2.0%). We see little change in the
competitive environment and limited pricing power that most firms face. Still,
occasional profit shortfalls for specific stocks notwithstanding, we continue to
forecast a healthy increase in aggregate corporate profits this year and next
and believe that the risk of significant further interest rate hikes is limited,
two elements of the favorable investment backdrop.
The correction of some of the speculative excesses in global stock markets
- in share prices of Internet stocks, for example - has proceeded apace in the
second quarter and early July. Money flows into stock mutual funds have fallen
significantly since February's peak, another indication that the big,
non-discriminating expectations that investors had for stock returns have come
back to earth. While Alan Greenspan may not yet be satisfied that the last trace
of "irrational exuberance" has been routed from the U.S. stock market, we see
evidence of more rational market valuations and projections, a healthy
development for long-term investors. The Federal Reserve may raise interest
rates another time or two in this cycle, but we're increasingly confident that
the lion's share of Fed tightening is behind us.
Fundamentals are strong virtually around the world. According to the OECD,
world economic prospects are "brighter than they have been for some time." For
the most part, economic growth is improving where the central banks and markets
want it to (maybe even in Japan) and slowing where that is thought to be
desirable (the United States). Non-oil inflation is under control in all but a
few markets. Interest rates are relatively low. We have a positive take on the
election of opposition candidate Vicente Fox as President of Mexico, ending a
70-year period of one-party control; we look for restructuring and
market-opening reforms begun under Zedillo to continue. Japan's presidential
election failed to unseat the LDP, suggesting that the pace of reform there will
continue to be disappointingly slow. The government's retreat from the proposed
bailout of failing retailer Sogo, while worrisome to the market in the short
run, is a sign that perhaps the old ways of government meddling are passing.
Obviously, there is not a lot of room in global stock market pricing for the
exogenous shock (a renewed climb in oil prices, say), but on the basis of
current trends, the investment environment is definitely positive.
Sincerely,
/s/ Peter M. Donovan
---------------------
Peter M. Donovan
President
MANAGEMENT DISCUSSION
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HONG KONG/CHINA
After a positive first quarter, the Hong Kong stock market turned weak in
the June quarter. For the first half of 2000, the FTSE Actuaries total return
index was down 7.6% in U.S. dollar terms. (In June and the first half of July,
the market has made up nearly all of its lost ground.) The Hong Kong/China
EquiFund gained 4.3% in the first half of 2000. The fund was aided by stock
selection followed by industry selection. Main contributors were the fund
holdings in Technology Hardware & Equipment and in Consumer Durables and
Apparels. The fund underweighting in Real Estate also added value.
Property stocks have been boosted by Chief Executive Tung Chee-Hwa's
announcement that the government has abandoned an annual housing target of
supplying 85,000 new apartments. The government will provide public rental homes
more quickly and scale back the sale of government-built homes. Also positive
for the property market is the expectation that interest rates have peaked.
The Hong Kong economy continues to recover. The jobless rate declined to
5.0% in the three months ended June from 5.1% in the March-to-May period, when
it registered its biggest monthly drop since January 1985. Export growth rose to
22.3% in May (year over year) from 15.5% in April. But retail sales in May rose
at a slower-than-expected pace of 4.0% from a year ago, down from April's 7.7%.
With consumers remaining circumspect, prices continue to be weak. The consumer
price index was down 4.5% in May from a year ago, the 19th straight month of
deflation. China's rate of economic growth picked up speed during the first
half.
JAPAN
The LDP-led coalition retained power after the recent election. The outcome
of the June 25 vote gave the ruling party a smaller majority, however. The
coalition won 271 seats in the new 480-seat parliament, as compared with 336
seats in the old 500-seat parliament. The LDP's victory has led to expectations
that the government will resort to additional supplementary budgets to sustain
economic growth. This would further increase government debt, which at (Y)493
trillion at the end of March 2000 was more than Japan's annual GDP. Rising debt
was one of the main reasons why Fitch IBCA Inc. recently cut Japan's
domestic-currency credit rating one notch to "AA+."
In July, the government backed down from bailing out a department store.
Faced with growing criticism, the government has rescinded its proposal to throw
a lifeline to troubled retailer Sogo Co. Ltd. This forced the 170-year-old
retailer to file for court protection under the Corporate Revitalization Law.
Sogo's group liabilities amounted to (Y)1.87 trillion at the end of February,
making it Japan's second-largest failure. Earlier, Standard and Poor's had
warned that a government bailout of Sogo would be a troubling precedent that
could reflect on Japan's sovereign rating.
The latest Tankan survey points to improving business confidence. Sentiment
among large manufacturers rose to a reading of plus three in the June quarter
from minus nine in the March period, moving into positive territory - which
indicates that more manufacturers are optimistic rather than pessimistic - for
the first time in almost three years. A pickup in the economy is also indicated
by data for May showing a decline in the unemployment rate to 4.6% from 4.8% a
month earlier, a 4.5% increase in machinery orders, and a 0.3% gain in
industrial production. However, retail sales in May fell 2.6% from the prior
year, the 38th straight monthly decline.
The Bank of Japan is keeping interest rates unchanged. Despite the
improving economic numbers, the BOJ decided to extend its 16-month-old,
zero-rate policy in light of the collapse of Sogo Co., Ltd. This failure has
raised fears that other troubled companies, particularly in the construction and
retail industries, might follow suit and file for bankruptcy. At the same time,
concerns that the BOJ might raise interest rates weighed on the stock market in
the second quarter and the first half of July. The FTSE total return index for
Japan registered a negative return of 7.6% in U.S. dollars during the first half
of 2000 vs negative return of 18.8% for EquiFund-Japan. The fund was negatively
impacted by its holdings in the Technology Hardware & Equipment industry.
Following the selloff in Nasdaq in the second quarter, the Technology sector
followed suit in Japan. Nevertheless, the fund is up 37.3% for the 12 months
ended June 30, 2000 vs FTSE Japan being up 31.6%.
<PAGE>
MEXICO
Vicente Fox ended PRI domination in Mexico. After 71 years of PRI rule,
voters finally managed to bring about a change in Mexico's political landscape.
The most encouraging aspect of Fox's victory in the presidential election was
the margin, with his PAN party taking 44% of the vote as against 34% for the
PRI. This had a positive effect on the markets in early July, and short-term
interest rates fell to 13.35% on July 11 from a seven-month high of 17.0% on
June 27.
The Mexican peso, which was trading above 10 pesos to a dollar in late June
for the first time since January 1999, recovered and was trading at 9.36 pesos
per dollar on July 17. The peso benefited from Finance Minister Jose Angel
Gurria's statement that the government plans to reduce foreign public debt by $7
billion over the next three years and decrease foreign debt service by $3.3
billion during the same period. On July 4, Standard & Poor's reaffirmed Mexico's
"BB+" foreign currency credit rating, one notch below investment grade. It has
said that an upgrade would depend on whether Fox's administration can pass a new
tax code to reduce the government's dependence on oil and expand the tax base.
The economy remains strong, with industrial production in May rising 9.0% from a
year ago.
During the first six months of 2000, the FTSE Mexico Index was down 3.1% vs
EquiFund-Mexico being down 14%. The fund was most negatively affected by the
Food & Beverage Industry followed by Telecom Services. The Mexican market
performance was highly concentrated in a few names driven by Telefones de Mexico
at over 34% of the index. The rest of the market underperformed and hence the
result of EquiFund-Mexico which is more diversified. After the election,
however, performance for the other sectors has improved and this should help
investors in EquiFund-Mexico going forward in 2000.
NETHERLANDS
There is growing concern about inflation in the euro zone. In May,
inflation for the 11-nation region was 1.9% (1.0% ex energy). The European
Central Bank has kept interest rates steady since a 50 basis-point boost on June
8. But comments by ECB officials suggest that rates may go higher before long.
After the July 6 policy meeting, ECB president Wim Duisenberg noted that money
supply growth is above the bank's target and the weak euro threatens to boost
inflation. An ECB council member followed up by saying that inflation is close
to exceeding the tolerance level.
Previously, Duisenberg said that so far there is little evidence that the
Euro region is benefiting from "new economy" productivity gains that could help
keep inflation in check. As with many other euro zone issues, monetary policy is
not without controversy. The French finance minister is arguing against higher
interest rates, saying the individual countries should take steps to keep their
inflation rate under control. He has also suggested that euro country finance
ministers set the inflation target for the ECB, limiting its independence.
In the Netherlands, inflation picked up to 2.5% in the year through June
from 2.0% in May, boosted by higher oil prices. An increase in value-added taxes
could boost inflation to 3.5% next year, according to the government's
forecasting bureau. Unemployment fell to a low of 2.7% in June, well below the
Euro-11 average of 9.2%. The Dutch stock market held up better than most
Euro-markets during the first half of 2000, gaining 3.2% (as measured by the
FTSE-Netherlands total return index) in guilders as compared with a nominal
local currency decline for the other Euro-11 markets. In dollar terms, the Dutch
index declined about 1% in the first half. The fund was negatively impacted by
its holdings in the Telecommunication Services industry. Offsetting some of this
was the fund's holdings in the Insurance and Energy industry groups.
------------------------------
Investors are reminded that past performance does not guarantee future results
and that investment return and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their original
cost. There are additional risks associated with international investing such as
currency fluctuations and potential political instability.
<PAGE>
DIVIDEND DISTRIBUTIONS AND INVESTMENT RETURN
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<TABLE>
<CAPTION>
N.A.V. Distri- Distri- Value 12 Month 5 Year Cum.
Period Per bution bution Shares* $1,000 Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment Return Return Return
(Annualized) (Annualized)
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WRIGHT EQUIFUND - HONG KONG/CHINA
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec.99 13.91 125.38 1,744.01 51.03% 3.05% 6.03%
Jan.00 13.39 125.38 1,678.81 59.40% 4.07% 5.56%
Feb.00 14.77 125.38 1,851.83 73.15% 4.31% 6.59%
Mar 00 15.51 0.148 0.009361 126.55 1,962.81 67.26% 5.40% 7.16%
Apr.00 14.40 126.55 1,822.34 33.35% 4.19% 6.30%
May 00 13.41 126.55 1,697.06 34.02% 1.09% 5.48%
Jun.00 14.37 126.55 1,818.55 30.20% 3.32% 6.17%
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Wright EquiFund - JAPAN
2/14/94 $10.00 100.00 $1,000.00
Dec.99 14.63 101.28 1,481.66 102.91% 8.66% 6.92%
Jan.00 13.23 101.28 1,339.87 84.26% 6.96% 5.03%
Feb.00 12.87 101.28 1,303.41 85.71% 7.73% 4.49%
Mar.00 13.65 101.28 1,382.41 73.66% 7.79% 5.43%
Apr.00 12.92 101.28 1,308.48 58.72% 5.97% 4.43%
May 00 11.62 101.28 1,176.82 48.78% 5.13% 2.62%
Jun.00 11.88 101.28 1,203.15 37.34% 6.23% 2.94%
* Rounded to two decimals.
WRIGHT EQUIFUND - MEXICO
8/02/94 $10.00 100.00 $1,000.00
Dec.99 7.74 109.09 844.35 60.91% 4.09% -3.08%
Jan.00 6.78 109.09 739.63 46.75% 7.64% -5.34%
Feb.00 7.46 109.09 813.81 44.29% 15.34% -3.63%
Mar.00 7.59 109.09 827.99 26.92% 16.22% -3.28%
Apr.00 6.72 109.09 733.08 -1.47% 9.54% -5.26%
May 00 5.99 109.09 653.45 -4.31% 7.67% -7.04%
Jun.00 6.66 109.09 726.54 -4.58% 8.35% -5.26%
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WRIGHT EQUIFUND - NETHERLANDS
6/28/90 $10.00 100.00 $1,000.00
Dec.99 9.82 1.130 0.122693 261.91 2,571.95 -4.39% 17.36% 10.46%
Jan.00 8.81 261.91 2,307.42 -8.68% 14.67% 9.12%
Feb.00 9.25 261.91 2,422.66 -1.43% 14.75% 9.59%
Mar.00 8.67 0.402 0.044273 273.50 2,371.28 -2.64% 13.54% 9.26%
Apr.00 8.28 273.50 2,264.62 -11.99% 12.05% 8.67%
May 00 8.33 273.50 2,278.29 -7.34% 11.76% 8.66%
Jun.00 8.78 273.50 2,401.37 -2.80% 12.16% 9.16%
</TABLE>
* Rounded to two decimals.
<PAGE>
WRIGHT EQUIFUND - HONG KONG/CHINA
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PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2000 (Unaudited)
Shares Description Value
-------------------------------------------------------------------------------
DIVERSIFIED - 8.6%
40,000 Hutchison Whampoa Ltd. $ 502,835
-----------
ELECTRICAL - 6.1%
37,800 Johnson Electric Holdings-500 $ 357,596
-----------
ELECTRONICS - 4.4%
269,000 Legend Holdings Ltd $ 260,518
-----------
FINANCIAL - 10.6%
19,900 Hang Seng Bank $ 188,897
25,780 HSBC Holdings* 294,315
41,640 Wing Lung Bank 137,807
-----------
$ 621,019
-----------
PRINTING & PUBLISHING - 4.0%
300,000 South China Morning Post(Hold.) Ltd. $ 232,818
-----------
REAL ESTATE & OTHER FINANCIALS - 12.7%
30,000 Cheung Kong (Holdings) Ltd. $ 331,909
60,000 Guoco Group Ltd. 120,449
41,193 Sun Hung Kai Properties Ltd. 295,904
-----------
$ 748,262
-----------
RECREATION - 5.2%
46,000 Television Broadcasts Ltd. $ 306,832
-----------
RETAILERS - 9.8%
279,000 Esprit Holdings Ltd. $ 289,887
189,000 Giordano Int'l. Ltd. 287,289
-----------
$ 577,176
-----------
TRANSPORTATION - 5.3%
167,000 Cathay Pacific Airways Ltd. $ 309,544
-----------
UTILITIES-TELECOMMUNICATIONS- 17.7%
181,797 Cable and Wireless HKT Ltd. $ 399,936
72,000 China Telecom (Hong Kong) Ltd.* 634,957
-----------
$ 1,034,893
-----------
UTILITIES-ELECTRICAL & OTHER - 9.3%
39,000 CLP Holdings Ltd. $ 181,598
162,596 Hong Kong & China Gas Co. 182,498
56,786 Hong Kong Electric Holdings Ltd. 182,835
-----------
$ 546,931
-----------
MISCELLANEOUS - 10.9%
59,000 Citic Pacific Ltd. $ 308,782
66,000 Li & Fung Ltd. 330,178
-----------
$ 638,960
-----------
TOTAL INVESTMENTS
(identified cost, $4,010,306) - 104.6% $ 6,137,384
Other Assets, Less Liabilities - (4.6%) (270,867)
-----------
Net Assets - 100.0% $ 5,866,517
============
* Non-income producing security.
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - JAPAN
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PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2000 (Unaudited)
Shares Description Value
-------------------------------------------------------------------------------
AUTOMOTIVE - 6.7%
3,000 Honda Motor Co. Ltd. $ 102,286
5,000 Toyota Motor Corp. 228,088
-----------
$ 330,374
-----------
CHEMICALS - 5.1%
5,000 Shin-Etsu Chemical Co., Ltd. $ 254,061
-----------
COMMUNICATION EQUIPMENT - 2.3%
1,000 Matsushita Communications Inds. $ 116,925
-----------
DIVERSIFIED - 3.8%
2,000 Sony Corporation $ 187,004
-----------
DRUGS, COSMETICS & HEALTHCARE - 10.2%
3,000 Eisai Co. Ltd. $ 96,335
3,000 Taisho Pharmaceutical Co. Ltd. 107,669
3,000 Takeda Chemical Industries Ltd. 197,204
3,000 Terumo 101,719
-----------
$ 502,927
-----------
ELECTRICAL EQUIPMENT - 3.2%
6,000 Matsushita Elec Ind. $ 155,837
-----------
ELECTRONIC EQUIPMENT & INSTRUMENTATION - 10.7%
1,000 Hirose Electronics Co., Ltd. $ 155,931
385 Keyence Corp. 127,267
700 Kyocera Corp. 118,937
2,000 Taiyo Yuden Co., Ltd. 125,425
-----------
$ 527,560
-----------
FINANCIAL - 1.9%
1,000 Aiful Corp. $ 92,369
-----------
MACHINERY & EQUIPMENT - 15.5%
3,000 Canon Inc. $ 149,603
600 Disco Co. 99,056
2,700 Fanuc Co. 275,151
400 Fujitsu Ltd. New ADR 71,400
8,000 Ricoh Corp., Ltd. 169,626
-----------
$ 764,836
-----------
PRINTING & PUBLISHING - 3.6%
10,000 Dai Nippon Printing Co. Ltd. $ 176,521
-----------
REAL ESTATE & OTHER FINANCIALS - 1.6%
1,000 Promise Co., Ltd. $ 79,146
-----------
RETAILERS - 9.2%
200 Fast Retailing $ 83,869
1,000 Ito-Yokado Co., Ltd. 60,257
3,000 Seven-Eleven Japan Co., Ltd. 251,322
500 Shimamura Co., Ltd. 58,510
-----------
$ 453,958
-----------
SEMICONDUCTOR EQUIPMENT & PRODUCTS - 8.9%
1,000 Murata Mfg. Co. Ltd. 146,392
1,000 Rohm Company Ltd. 293,729
-----------
$ 440,121
-----------
UTILITIES - 9.4%
5 Japan Telecom Co., Ltd. $ 217,227
9 NTT Docomo Inc. 243,955
-----------
$ 461,182
-----------
MISCELLANEOUS - 4.2%
1,000 Hoya Corp. $ 89,724
1,000 Secom Co., Ltd. 73,196
300 Soft Bank Corp 43,445
-----------
$ 206,365
-----------
TOTAL INVESTMENTS
(identified cost, $3,391,874) - 96.3% $ 4,749,186
Other Assets, Less Liabilities - 3.7% 181,149
-----------
Net Assets - 100.0% $ 4,930,335
=============
ADR - American Depository Receipt.
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - MEXICO
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PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2000 (Unaudited)
Shares Description Value
-------------------------------------------------------------------------------
BEVERAGES - 10.5%
52,000 Fomento Economico Mexicano $ 221,929
93,000 Grupo Modelo SA de Mxp Ser C 215,938
142,000 Grupo Continental Sa Contal 144,294
-----------
$ 582,161
-----------
CONSTRUCTION - 9.7%
29,700 Apasco S.A. de CV $ 170,516
52,842 Cemex SA 247,806
174,000 Grupo Cementos Chihuahua-B 116,695
-----------
$ 535,017
-----------
DIVERSIFIED - 11.5%
87,213 Alfa S.A. de CV $ 199,400
86,000 Desc S.A.-Ser B 55,055
76,100 Grupo Carso SA 269,880
63,000 Grupo Industrial Saltillo SA 108,830
-----------
$ 633,165
-----------
FINANCIAL - 5.3%
70,000 Grupo Financie. Banamex Accival SA* $ 294,482
-----------
FOOD - 2.8%
98,092 Grupo Industrial Bimbo-Ser A $ 154,499
-----------
METAL PRODUCERS - 2.1%
41,000 Grupo Mexico SA $ 115,405
-----------
METAL PRODUCTS MFRS. - 3.2%
25,000 Industrias Pencoles S.A.-CP $ 40,392
10,000 Tubos de Acero de Mexico SA 138,197
-----------
$ 178,589
-----------
PAPER - 4.0%
77,000 Kimberly Clark de Mexico SA de CV $ 219,083
-----------
RECREATION - 9.7%
41,000 Corp Interamericana Entrete* $ 160,400
110,000 Grupo Televisa SA-Ser CPO* 377,807
-----------
$ 538,207
-----------
RETAILERS - 11.9%
57,000 Organizacion Soriana SA de CV $ 227,050
182,920 Wal-Mart de Mexico-Ser V* 429,372
-----------
$ 656,422
-----------
UTILITIES - 38.0%
132,000 Carso Global Telecom-A-1 $ 376,913
603,000 Telefonos de Mexico SA de CV 1,721,807
-----------
$ 2,098,720
-----------
MISCELLANEOUS - 3.5%
40,000 Savia MM $ 191,040
-----------
TOTAL INVESTMENTS
(identified cost, $4,435,357) - 112.2% $ 6,196,790
Other Assets, Less Liabilities - (12.2%) (676,049)
-----------
Net Assets - 100.0% $ 5,520,741
============
* Non-income producing security.
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - NETHERLANDS
-------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2000 (Unaudited)
Shares Description Value
------------------------------------------------------------------------------
BEVERAGES - 4.4%
3,625 Heineken NV $ 221,318
-----------
CHEMICALS - 6.4%
7,560 Akzo Dutch NV $ 322,189
-----------
ELECTRONICS - 14.0%
9,936 Getronics NV $ 153,679
11,648 Philips Electronics NV* 551,071
-----------
$ 704,750
-----------
FINANCIAL - 7.7%
15,793 ABN AMRO Holdings $ 388,106
-----------
FOOD - 6.0%
6,522 Unilever NV $ 300,126
-----------
MACHINERY & EQUIPMENT - 6.6%
7,500 ASM Lithography Holding NV* $ 330,938
-----------
OIL, GAS & COAL - 21.1%
17,100 Royal Dutch Petroleum Co. $ 1,066,123
-----------
PRINTING & PUBLISHING - 4.0%
3,910 VNU NV $ 202,583
-----------
REAL ESTATE & OTHER FINANCIALS - 20.8%
8,376 Aegon NV $ 298,969
11,315 Fortis Amev NV 330,424
6,190 ING Groep NV 419,714
-----------
$ 1,049,107
-----------
RETAILERS - 2.6%
7,658 Vendex International $ 130,473
-----------
UTILITES - 8.9%
9,979 Royal KPN NV $ 447,746
-----------
MISCELLANEOUS - 11.5%
5,761 Fugro NV $ 329,659
5,135 IHC Caland NV 250,807
-----------
$ 580,466
-----------
TOTAL INVESTMENTS
(identified cost, $3,639,596) - 114.0% $ 5,743,925
Other Assets,
Less Liabilities - (14.0%) (704,696)
-----------
Net Assets - 100.0% $ 5,039,229
============
* Non-income producing security.
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - HONG KONG/CHINA
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments--
Identified cost...................... $ 4,010,306
Unrealized appreciation.............. 2,127,078
------------
Total value (Note 1A).............. $ 6,137,384
Cash................................... 10,544
Dividends receivable................... 618
------------
Total Assets......................... $ 6,148,546
------------
LIABILITIES:
Line of credit (Note 9)................ $ 276,000
Accrued expenses....................... 6,029
------------
Total Liabilities.................... $ 282,029
------------
NET ASSETS................................ $ 5,866,517
=============
NET ASSETS CONSIST OF:
Paid-in capital........................... $ 5,230,954
Accumulated net realized loss on investment
and foreign currency transactions
(computed on the basis of identified cost) (1,969,651)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign
currencies (computed on the basis of
identified cost)....................... 2,127,073
Undistributed net investment income....... 478,141
------------
Net assets applicable to outstanding
shares................................ $ 5,866,517
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING............................ 408,145
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 10)....... $14.37
=============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME:
Income--
Dividends.............................. $ 84,626
------------
Total investment income............ $ 84,626
------------
Expenses--
Investment Adviser fee (Note 2)........ $ 21,655
Administrator fee (Note 2)............. 2,888
Compensation of Trustees not employed by
the Investment Adviser or Administrator
(Note 2)............................. 1,982
Custodian fee (Note 1D)................ 14,826
Transfer & dividend disbursing agent fees 3,640
Distribution expenses (Note 3)......... 7,218
Audit fees............................. 16,598
Legal services ........................ 734
Registration costs..................... 7,477
Interest expense....................... 1,648
Printing............................... 2,446
Miscellaneous.......................... 2,337
------------
Total expenses..................... $ 83,449
------------
Deduct--
Preliminary reduction of Investment Adviser
fee (Note 2)......................... $ 9,980
Preliminary reduction of distribution expense
by Principal Underwriter (Note 3).... 7,218
Reduction of Custodian fee (Note 1D)... 8,014
------------
Total deductions................... $ 25,212
------------
Net expenses....................... $ 58,237
------------
Net investment income........... $ 26,389
------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investment and foreign
currency transactions (identified
cost basis)............................ $ 378,333
Change in unrealized appreciation of investments
and translation of assets and liabilities in
foreign currencies..................... (53,357)
------------
Net realized and unrealized gain....... $ 324,976
------------
Net increase in net assets from operations $ 351,365
=============
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - HONG KONG/CHINA
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31
----------------------
2000(1) 1999
---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C>
Net investment income .............................................. $ 26,389 $ 66,337
Net realized gain................................................... 378,333 1,483,804
Change in unrealized appreciation (depreciation).................... (53,357) 888,627
----------- -----------
Increase in net assets from operations........................... $ 351,365 $ 2,438,768
Distributions to shareholders from net investment income.............. (63,574) -
Net increase (decrease) from fund share transactions (Note 4)......... 20,235 (4,763,210)
----------- -----------
Net increase (decrease) in net assets............................... $ 308,026 $ (2,324,442)
NET ASSETS:
At beginning of period................................................ 5,558,491 7,882,933
----------- -----------
At end of period...................................................... $ 5,866,517 $ 5,558,491
=========== ===========
UNDISTRIBUTED NET INVESTMENT
INCOME INCLUDED IN NET ASSETS AT END OF PERIOD........................ $ 478,141 $ 515,326
=========== ===========
</TABLE>
(1) For the six months ended June 30, 2000 (unaudited).
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - JAPAN
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments--
Identified cost...................... $ 3,391,874
Unrealized appreciation.............. 1,357,312
------------
Total value (Note 1A).............. $ 4,749,186
Cash................................... 188,249
Dividends receivable................... 260
Tax reclaim receivable................. 19
------------
Total Assets......................... $ 4,937,714
------------
LIABILITIES:
Investment Adviser fee payable......... $ 2,786
Accrued expenses....................... 4,593
------------
Total Liabilities.................... $ 7,379
------------
NET ASSETS................................ $ 4,930,335
==============
NET ASSETS CONSIST OF:
Paid-in capital........................... $ 6,317,142
Accumulated net realized loss on investment
and foreign currency transactions
(computed on the basis of identified cost) (2,636,308)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign
currencies (computed on the basis of
identified cost)....................... 1,357,325
Accumulated net investment loss........... (107,824)
------------
Net assets applicable to outstanding
shares............................... $ 4,930,335
==============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING............................ 414,967
==============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 10)....... $11.88
==============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME:
Income--
Dividends.............................. $ 9,405
Less foreign taxes..................... (1,393)
------------
Total investment income............ $ 8,012
------------
Expenses--
Investment Adviser fee (Note 2)........ $ 20,793
Administrator fee (Note 2)............. 2,744
Compensation of Trustees not employed by
the Investment Adviser or Administrator
(Note 2)............................. 1,982
Custodian fee (Note 1D)................ 17,422
Transfer & dividend disbursing agent fees 1,416
Distribution expenses (Note 3)......... 6,931
Audit fees............................. 16,598
Legal services......................... 734
Registration costs..................... 6,173
Interest expense....................... 78
Printing............................... 2,401
Miscellaneous.......................... 527
------------
Total expenses..................... $ 77,799
------------
Deduct--
Preliminary reduction of Investment Adviser
fee (Note 2)......................... $ 6,344
Preliminary reduction of distribution expense by
Principal Underwriter (Note 3)....... 6,931
Reduction of Custodian fee (Note 1D)... 9,430
------------
Total deductions................... $ 22,705
------------
Net expenses....................... $ 55,094
------------
Net investment loss............. $ (47,082)
------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investment and foreign
currency transactions (identified
cost basis)............................ $ 394,536
Change in unrealized appreciation of investments
and translation of assets and liabilities in
foreign currencies..................... (1,502,989)
------------
Net realized and unrealized loss....... $(1,108,453)
------------
Net decrease in net assets from operations $(1,155,535)
==============
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - JAPAN
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31
-------------------------------
2000(1) 1999
-----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C>
Net investment loss................................................. $ (47,082) $ (68,606)
Net realized gain................................................... 394,536 910,973
Change in unrealized appreciation................................... (1,502,989) 2,297,298
----------- -----------
Increase (decrease) in net assets from operations................. $ (1,155,535) $ 3,139,665
Net decrease from fund share transactions (Note 4).................... (104,136) (1,314,477)
----------- -----------
Net increase (decrease) in net assets............................... $ (1,259,671) $ 1,825,188
NET ASSETS:
At beginning of period................................................ 6,190,006 4,364,818
----------- -----------
At end of period...................................................... $ 4,930,335 $ 6,190,006
=========== ===========
ACCUMULATED NET INVESTMENT LOSS
INCLUDED IN NET ASSETS AT END OF PERIOD............................... $ (107,824) $ (60,742)
=========== ===========
</TABLE>
(1) For the six months ended June 30, 2000 (unaudited).
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - MEXICO
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments--
Identified cost...................... $ 4,435,357
Unrealized appreciation.............. 1,761,433
------------
Total value (Note 1A).............. $ 6,196,790
Cash................................... 474
Receivable for fund shares sold........ 10,873
Receivable from Investment Adviser..... 25,000
------------
Total Assets......................... $ 6,233,137
------------
LIABILITIES:
Line of credit (Note 9)................ $ 701,000
Accrued expenses....................... 11,396
------------
Total Liabilities.................... $ 712,396
------------
NET ASSETS................................ $ 5,520,741
=============
NET ASSETS CONSIST OF:
Paid-in capital........................... $ 5,083,134
Accumulated undistributed net realized loss on
investment and foreign currency transactions
(computed on the basis of identified cost) (1,339,732)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign
currencies (computed on the basis of
identified cost)....................... 1,761,433
Undistributed net investment income ...... 15,906
------------
Net assets applicable to outstanding
shares................................ $ 5,520,741
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING............................ 828,521
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 10)....... $6.66
=============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME:
Income--
Dividends.............................. $ 69,411
Less foreign taxes..................... (5,276)
------------
Total investment income............ $ 64,135
------------
Expenses--
Investment Adviser fee (Note 2)........ $ 24,196
Administrator fee (Note 2)............. 3,228
Compensation of Trustees not employed by
the Investment Adviser or Administrator
(Note 2)............................. 1,982
Custodian fee (Note 1D)................ 18,137
Transfer & dividend disbursing agent fees 2,405
Distribution expenses (Note 3)......... 8,065
Audit fees............................. 16,598
Legal services ....................... 734
Registration costs..................... 11,304
Interest expense....................... 16,863
Printing............................... 2,128
Miscellaneous.......................... 2,771
------------
Total expenses..................... $ 108,411
------------
Deduct--
Preliminary reduction of Investment Adviser
fee (Note 2)......................... $ 10,386
Preliminary reduction of distribution expense
by Principal Underwriter (Note 3).... 8,065
Preliminary allocation of expenses to the
Investment Adviser (Note 2).......... 25,000
Reduction of Custodian fee (Note 1D)... 299
------------
Total deductions................... $ 43,750
------------
Net expenses....................... $ 64,661
------------
Net investment loss............. $ (526)
------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investment and foreign
currency transactions (identified
cost basis)............................ $ 327,446
Change in unrealized appreciation of investments
and translation of assets and liabilities in
foreign currencies..................... (1,371,965)
------------
Net realized and unrealized loss....... $(1,044,519)
------------
Net decrease in net assets from
operations............................ $(1,045,045)
=============
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - MEXICO
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31
----------------------------
2000(1) 1999
---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment loss................................................. $ (526) $ (72,597)
Net realized gain................................................... 327,446 460,502
Change in unrealized appreciation (depreciation).................... (1,371,965) 3,699,602
----------- -----------
Increase (decrease) in net assets from operations................. $ (1,045,045) $ 4,087,507
Net decrease from fund share transactions (Note 4).................... (1,821,142) (4,437,181)
----------- -----------
Net decrease in net assets........................................ $ (2,866,187) $ (349,674)
NET ASSETS:
At beginning of period................................................ 8,386,928 8,736,602
----------- -----------
At end of period...................................................... $ 5,520,741 $ 8,386,928
=========== ===========
UNDISTRIBUTED NET INVESTMENT INCOME
INCLUDED IN NET ASSETS AT END OF PERIOD............................... $ 15,906 $ 16,432
=========== ===========
(1) For the six months ended June 30, 2000 (unaudited).
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - NETHERLANDS
-------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments--
Identified cost...................... $ 3,639,596
Unrealized appreciation.............. 2,104,329
------------
Total value (Note 1A).............. $ 5,743,925
Cash................................... 756
Receivable from Investment Adviser..... 23,000
Tax reclaim receivable................. 5,000
------------
Total Assets......................... $ 5,772,681
------------
LIABILITIES:
Payable for fund shares reacquired..... $ 3,235
Line of credit (Note 9)................ 719,000
Accrued expenses....................... 11,217
------------
Total Liabilities.................... $ 733,452
------------
NET ASSETS................................ $ 5,039,229
=============
NET ASSETS CONSIST OF:
Paid-in capital........................... $ 3,340,256
Accumulated undistributed net realized loss on
investment and foreign currency transactions
(computed on the basis of identified cost) (383,241)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign
currencies (computed on the basis of
identified cost)....................... 2,104,276
Accumulated net investment loss........... (22,062)
------------
Net assets applicable to outstanding
shares................................ $ 5,039,229
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING............................ 573,643
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 10)....... $8.78
=============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME:
Income--
Dividends.............................. $ 74,154
Less foreign taxes..................... (8,432)
------------
Total investment income............ $ 65,722
------------
Expenses--
Investment Adviser fee (Note 2)........ $ 22,657
Administrator fee (Note 2)............. 3,024
Compensation of Trustees not employed by
the Investment Adviser or Administrator
(Note 2)............................. 1,982
Custodian fee (Note 1D)................ 12,479
Transfer & dividend disbursing agent fees 5,044
Distribution expenses (Note 3)......... 7,559
Audit fees............................. 16,856
Registration costs..................... 7,698
Interest expense....................... 16,917
Printing............................... 2,638
Legal fees............................. 733
Miscellaneous.......................... 2,139
------------
Total expenses..................... $ 99,726
------------
Deduct--
Preliminary reduction of Investment Adviser fee
(Note 2)............................. $ 9,265
Preliminary reduction of distribution expense
by Principal Underwriter (Note 3).... 5,819
Preliminary allocation of expenses to the
Investment Adviser (Note 2).......... 23,000
Reduction of Custodian fee (Note 1D)... 244
------------
Total Deductions.................... $ 38,328
------------
Net expenses....................... $ 61,398
------------
Net investment income........... $ 4,324
------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on investment and foreign
currency transactions (identified
cost basis)............................ $ (288,245)
Change in unrealized appreciation of investments
and translation of assets and liabilities in
foreign currencies..................... (257,013)
------------
Net realized and unrealized loss....... $ (545,258)
------------
Net decrease in net assets from
operations............................ $ (540,934)
=============
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND - NETHERLANDS
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31
----------------------------
2000(1) 1999
-----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income............................................... $ 4,324 $ 237,944
Net realized gain (loss)............................................ (288,245) 1,762,560
Change in unrealized depreciation................................... (257,013) (3,449,938)
----------- -----------
Decrease in net assets from operations............................ $ (540,934) $ (1,449,434)
Distributions to shareholders from net realized gains................ (253,553) (1,259,821)
Net decrease from fund share transactions (Note 4)................... (2,862,485) (8,144,444)
----------- -----------
Net decrease in net assets........................................ $ (3,656,972) $(10,853,699)
NET ASSETS:
At beginning of period................................................ 8,696,201 19,549,900
----------- -----------
At end of period...................................................... $ 5,039,229 $ 8,696,201
=========== ===========
ACCUMULATED NET INVESTMENT LOSS
INCLUDED IN NET ASSETS AT END OF PERIOD............................... $ (22,062) $ (26,386)
=========== ===========
</TABLE>
(1) For the six months ended June 30, 2000 (unaudited).
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HONG KONG/CHINA SERIES Year Ended December 31
---------------------------------------------------------------------------------------------------------------------------------
20006 1999(5) 1998 1997(5) 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 13.910 $ 9.210 $ 11.980 $ 16.470 $ 13.030 $ 13.020
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income(1) $ 0.030 $ 0.598 $ 0.473 $ 0.110 $ 0.182 $ 0.368
Net realized and unrealized
gain (loss)(3) 0.578 4.102 (2.693) (4.600) 3.458 (0.158)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations $ 0.608 $ 4.700 $ (2.220) $ (4.490) $ 3.640 $ 0.210
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from investment income $ (0.148) $ - $ (0.346) $ - $ (0.200) $ (0.200)
Distributions from capital gains - - - - - -
Return of capital - - (0.204) - - -
-------- -------- -------- -------- -------- --------
Total distributions $ (0.148) $ - $ (0.550) $ - $ (0.200) $ (0.200)
-------- -------- -------- -------- -------- --------
Net asset value - end of period $ 14.370 $ 13.910 $ 9.210 $ 11.980 $ 16.470 $ 13.030
========= ========= ========= ========= ========= =========
Total return(2) 4.27% 51.03% (18.65%) (27.26%) 27.96% 1.63%
Ratios/Supplemental Data(1):
Net assets, end of period
(000 omitted) $ 5,867 $ 5,558 $ 7,883 $ 6,958 $ 34,366 $ 25,399
Ratio of expenses to average
net assets 2.29%(7) 2.33% 2.38% 1.96% 1.62% 1.59%
Ratio of expenses after custodian
fee reduction to average
net assets(4) 2.02%(7) 1.99% 1.99% 1.72% 1.43% 1.34%
Ratio of net investment income
to average net assets 0.91%(7) 1.32% 2.32% 0.66% 1.81% 3.26%
Portfolio turnover rate 27% 125% 254% 56% 65% 100%
---------------------------------------------------------------------------------------------------------------------------
<FN>
1 During the six months ended June 30, 2000 and the years ended December 31,
1999 and 1998, the investment adviser and the distributor voluntarily
reduced their fees, and the investment adviser was allocated a portion of
operating expenses in 1999 and 1998. Had such actions not been undertaken,
net investment income per share and the ratios would have been as follows:
2000(6) 1999 1998
------ ------ -----
Net investment income per share $ 0.011 $ 0.240 $ 0.332
========= ========= =========
Ratios (as a percentage of average net assets):
Expenses 2.89%(7) 3.12% 3.07%
========= ========= =========
Expenses after custodian fee
reduction(4) 2.61%(7) 2.78% 2.68%
========= ========= =========
Net investment income 0.32%(7) 0.53% 1.63%
========= ========= =========
--------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the reinvestment date.
3 For the year ended December 31, 1995, the per share amount is not in accord
with the net realized and unrealized gain (loss) for the period because of
the timing of sales of Trust shares and the amounts per share realized and
unrealized gains and losses at such times.
4 Custodian fees were reduced by credits resulting from cash balances the
trust maintained with the custodian (Note 1D). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits.
5 Certain per share amounts are based on average shares outstanding.
6 For the six months ended June 30, 2000 (unaudited).
7 Annualized.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
JAPAN SERIES Year Ended December 31
----------------------------------------------------------------------------------------------------------------------------------
2000(5) 1999 1998 1997(4) 1996 1995
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 14.630 $ 7.210 $ 6.840 $ 7.980 $ 8.780 $ 9.660
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment loss1 $ (0.116) $ (0.175) $ (0.112) $ (0.100) $ (0.095) $ (0.045)
Net realized and unrealized gain (loss) (2.634) 7.595 0.482 (1.040) (0.705) (0.835)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations $ (2.750) $ 7.420 $ 0.370 $ (1.140) $ (0.800) $ (0.880)
-------- -------- -------- -------- -------- --------
Less distributions:
Distributions from investment income $ - $ - $ - $ - $ - $ -
Distributions from capital gains - - - - - -
Return of capital - - - - - -
-------- -------- -------- -------- -------- --------
Net asset value - end of period $ 11.880 $ 14.630 $ 7.210 $ 6.840 $ 7.980 $ 8.780
========= ========= ========= ========= ========= =========
Total return(2) (18.80%) 102.91% 5.41% (14.29%) (9.11%) (9.11%)
Ratios/Supplemental Data1:
Net assets, end of period
(000 omitted) $ 4,930 $ 6,190 $ 4,365 $ 3,807 $ 17,041 $ 21,631
Ratio of expenses to average net assets 2.33%(6) 2.16% 2.24% 2.15% 1.75% 1.81%
Ratio of expenses after custodian
fee reduction to average net assets(3) 1.99%(6) 2.02% 2.00% 1.84% 1.65% 1.49%
Ratio of net investment loss
to average net assets (1.70%)(6) (1.64%) (1.46%) (1.24%) (1.05%) (0.67%)
Portfolio turnover rate 31% 78% 205% 112% 56% 112%
--------------------------------------------------------------------------------------------------------------------------------
<FN>
1 During the six months ended June 30, 2000 and the years ended December 31,
1999 and 1998, the investment adviser and/or the distributor voluntarily
reduced their fees, and the investment adviser was allocated a portion of
operating expenses in 1999 and 1998. Had such actions not been undertaken,
net investment loss per share and the ratios would have been as follows:
2000(5) 1999 1998
-------- ----- -----
Net investment loss per share $ (0.149) $ (0.297) $ (0.164)
========= ========= =========
Ratios (as a percentage of average net assets):
Expenses 2.81%(6) 3.30% 2.92%
========= ========= =========
Expenses after custodian fee
reduction(3) 2.47%(6) 3.16% 2.68%
========= ========= =========
Net investment loss (2.18%)(6) (2.78%) (2.14%)
========= ========= =========
-------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the reinvestment date.
3 Custodian fees were reduced by credits resulting from cash balances the
trust maintained with the custodian (Note 1D). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits.
4 Certain per share amounts are based on average shares outstanding.
5 For the six months ended June 30, 2000 (unaudited).
6 Annualized.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MEXICO SERIES Year Ended December 31
--------------------------------------------------------------------------------------------------------------------------------
2000(4)(5) 1999 1998(4) 1997(4) 1996 1995
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 7.740 $ 4.810 $ 7.660 $ 5.380 $ 4.220 $ 6.480
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income (loss)(1) $ (0.001) $ (0.060) $ 0.003 $ (0.000)+ $ (0.012) $ (0.012)
Net realized and unrealized
gain (loss) (1.079) 2.990 (2.853) 2.280 1.172 (2.175)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations $ (1.080) $ 2.930 $ (2.850) $ 2.280 $ 1.160 $ (2.187)
-------- -------- -------- -------- -------- --------
Less distributions:
Distributions from investment income $ - $ - $ - $ - $ - $ -
Distributions from capital gains - - - - - (0.030)
Return of capital - - - - - (0.043)(++)
-------- -------- -------- -------- -------- --------
Total distributions $ - $ - $ - $ - $ - $ (0.073)
-------- -------- -------- -------- -------- --------
Net asset value - end of period $ 6.660 $ 7.740 $ 4.810 $ 7.660 $ 5.380 $ 4.220
========= ========= ========= ========= ========= =========
Total return(2) (13.95%) 60.91% (37.21%) 42.38% 27.49% (33.37%)
Ratios/Supplemental Data(1):
Net assets, end of period
(000 omitted) $ 5,521 $ 8,387 8,737 $ 28,468 $ 22,028 $ 32,493
Ratio of expenses to average
net assets 2.01%(6) 2.14% 1.90% 1.61% 1.59% 1.72%
Ratio of expenses after custodian
fee reduction to average net assets(3) 2.00%(6) 2.00% 1.80% 1.45% 1.41% 1.39%
Ratio of net investment income (loss)
to average net assets (0.02%)(6) (0.76%) 0.05% (0.06%) (0.14%) (0.41%)
Portfolio turnover rate 36% 56% 24% 113% 63% 110%
-------------------------------------------------------------------------------
<FN>
1 During the six months ended June 30, 2000 and the year ended December 31,
1999, the investment adviser and the distributor voluntarily reduced their
fees and the investment adviser was allocated a portion of operating
expenses. Had such actions not been undertaken, net investment loss per
share and the ratios would have been as follows:
2000(5) 1999
Net investment loss per share........... $ (0.068) $ (0.065)
========= =========
Ratios (as a percentage of average net assets):
Expenses.............................. 3.36%(6) 2.20%
========= =========
Expenses after custodian fee
reduction(3) 3.35%(6) 2.06%
========= =========
Net investment loss................... (1.36%)(6) (0.82%)
========= =========
-------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the reinvestment date.
3 Custodian fees were reduced by credits resulting from cash balances the
trust maintained with the custodian (Note 1D). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits.
4 Certain per share amounts are based on average shares outstanding.
5 For the six months ended June 30, 2000 (unaudited).
6 Annualized.
+ Amount represents less than $0.001 per share.
++ Amount represents distribution in excess of capital gains.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NETHERLANDS SERIES Year Ended December 31
-----------------------------------------------------------------------------------------------------------------------------
2000(2)(5) 1999 1998(2) 1997(2) 1996 1995
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 9.820 $ 11.700 $ 9.810 $ 8.970 $ 8.590 $ 8.100
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income (loss)(1) $ 0.006 $ 0.233 $ (0.003) $ (0.006) $ 0.047 $ (0.004)
Net realized and unrealized
gain (loss) (0.644) (0.826) 2.370 1.396 2.943 1.490
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations $ (0.638) $ (0.593) $ 2.367 $ 1.390 $ 2.990 $ 1.486
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from investment income $ - $ - $ - $ - $ - $ -
Distributions from capital gains (0.402) (1.287) (0.477) (0.550) (2.610) (0.996)
Return of capital - - - - - -
-------- -------- -------- -------- -------- --------
Total distributions $ (0.402) $ (1.287) $ (0.477) $ (0.550) $ (2.610) $ (0.996)
-------- -------- -------- -------- -------- --------
Net asset value - end of period $ 8.780 $ 9.820 $ 11.700 $ 9.810 $ 8.970 $ 8.590
========= ========= ========= ========= ========= =========
Total return(3) (6.63%) (4.39%) 24.46% 15.56% 36.56% 18.56%
Ratios/Supplemental Data(1):
Net assets, end of perio
(000 omitted) $ 5,039 $ 8,696 $ 19,550 $ 12,975 $ 7,566 $ 7,218
Ratio of expenses to average
net assets 2.04%(6) 1.77% 1.88% 1.86% 2.22% 2.26%
Ratio of expenses after custodian
fee reduction to average net assets(4) 2.03%(6) 1.71% 1.72% 1.72% 1.99% 2.00%
Ratio of net investment income (loss)
to average net assets 0.14%(6) 1.69% (0.02%) (0.05%) 0.83% (0.13%)
Portfolio turnover rate 10% 48% 88% 29% 124% 87%
------------------------------------------------------------------------------------------------------------------------------
<FN>
1 During the six months ended June 30, 2000 and the years ended December 31,
1996 and 1995, either the investment adviser, the administrator and/or the
distributor voluntarily reduced their fees, and the investment adviser was
allocated a portion of operating expenses. Had such actions not been
undertaken, net investment income (loss) per share and the ratios would
have been as follows:
2000(5) 1996 1995
------
Net investment income (loss) per share $ (0.048) $ 0.038 $ (0.018)
========= ========= =========
Ratios (as a percentage of average net assets):
Expenses 3.30%(6) 2.38% 2.45%
========= ========= =========
Expenses after custodian fee reduction(4) 3.29%(6) 2.15% 2.19%
========= ========= =========
Net investment income (loss) (1.13%)(6) 0.67% (0.58%)
========= ========= =========
-------------------------------------------------------------------------------------------------------------------------------
2 Certain per share amounts are based on average shares outstanding.
3 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the reinvestment date.
4 Custodian fees were reduced by credits resulting from cash balances the
trust maintained with the custodian (Note 1D). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits.
5 For the six months ended June 30, 2000 (unaudited).
6 Annualized.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
NOTES TO FINANCIAL STATEMENTS - (unaudited)
----------------------------------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright EquiFund Equity Trust (the Trust) is registered under the
Investment Company Act of 1940, as amended, as an open-end, management
investment company. The Trust presently consists of four active diversified
series (Funds), Wright EquiFund-Hong Kong/China (Hong Kong/China series); Wright
EquiFund - Japan (Japan series); Wright EquiFund - Mexico (Mexico series); and
Wright EquiFund - Netherlands (Netherlands series). The following is a summary
of significant accounting policies consistently followed by the Trust in the
preparation of its financial statements. The policies are in conformity with
accounting principles generally accepted in the United States of America.
A. Investment Valuations - Securities, including foreign securities, listed on
securities exchanges or in the NASDAQ National Market are valued at closing sale
prices, if those prices are deemed to be representative of market values at the
close of business. Securities traded on more than one U.S. or foreign securities
exchange are valued at the last sale price on the business day as of which such
value is being determined at the close of the exchange representing the
principal market for such securities, if those prices are deemed to be
representative of market values at the close of business. Securities traded
over-the-counter, unlisted securities and listed securities for which closing
sale prices are not available are valued at the mean between latest bid and
asked prices or, if such bid and asked prices are not available, at prices
supplied by a pricing agent, unless such prices are deemed not to be
representative of market values at the close of business. Securities for which
market quotations are unavailable or deemed not to be representative of market
values at the close of business and other assets are appraised at their fair
value as determined in good faith according to guidelines established by the
Trustees of the Trust. Short-term obligations with remaining maturities of sixty
days or less are valued at amortized cost, which approximates market value.
B. Foreign Currency Translation - Investment security valuations, other assets,
and liabilities initially expressed in foreign currencies are translated each
business day into U.S. dollars based upon current exchange rates. Purchases and
sales of foreign investment securities and income and expenses are translated
into U.S. dollars based upon currency exchange rates prevailing on the
respective dates of such transactions. The Trust does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
C. Taxes - The Trust's policy is to comply with the provisions of the Internal
Revenue Code (the Code) applicable to regulated investment companies and
distribute to shareholders each year all of its taxable income, including any
net realized gain on investments. Accordingly, no provision for federal income
tax is necessary. At December 31, 1999, the Trust, for federal income tax
purposes, had a capital loss carryover of $1,982,849 for the Hong Kong/China
series, $2,993,286 for the Japan series, $1,285,657 for the Mexico series, and
$20,220 for the Netherlands series, which will reduce taxable income arising
from future net realized gain on investments, if any, to the extent permitted by
the Code, and thus will reduce the amount of the distribution to shareholders
which would otherwise be necessary to relieve the respective fund of any
liability for federal income or excise tax. Pursuant to the Code, such capital
loss carryovers will expire as follows:
Dec. Hong Kong/China Japan Mexico Netherlands
-------------------------------------------------------------------------------
2003 $ - $ 693,828 $1,285,657 $ -
2005 - 1,302,416 - -
2006 1,982,849 997,042 - 20,220
-------------------------------------------------------------------------------
<PAGE>
At December 31, 1999, net capital losses of $17,869 for the Hong Kong/China
series attributable to security transactions incurred after October 31, 1999 are
treated as arising on the first day of the fund's next taxable year.
Withholding taxes on foreign dividends have been provided for in accordance
with the Trust's understanding of the applicable country's tax rules and rates.
D. Expense Reduction - The funds have entered into an arrangement with its
custodian agent whereby interest earned on uninvested cash balances is used to
offset custodian fees. All significant reductions are reported as a reduction of
expenses in the Statements of Operations.
E. Other - Investment transactions are accounted for on the date the investments
are purchased or sold. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. However, if the ex-dividend date has passed,
certain dividends from foreign securities are recorded as the fund is informed
of the ex-dividend date. Interest income is recorded on the accrual basis.
F. Distributions - Differences in the recognition or classification of income
between the financial statements and tax earnings and profits which result in
only temporary over-distributions for financial statement purposes, are
classified as distributions in excess of net investment income or accumulated
net realized gains. Distributions in excess of tax basis earnings and profits
are reported in the financial statements as a return of capital. Permanent
differences between book and tax accounting for certain items may result in
reclassification of these items.
G. Forward Foreign Currency Exchange Contracts - The Trust may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks may arise
upon entering these contracts from the potential inability of counterparties to
meet the terms of their contracts and from unanticipated movements in the value
of a foreign currency relative to the U.S. dollar. The Trust will enter into
forward contracts for hedging purposes in connection with purchases and sales of
securities denominated in foreign currencies. The forward foreign currency
exchange contracts are adjusted by the daily forward exchange rate of the
underlying currency and any gains or losses are recorded for financial statement
purposes as unrealized until such time as the contracts have been closed or
offset.
<PAGE>
H. Use of Estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expense during the reporting period. Actual
results could differ from those estimates.
I. Interim Financial Information - The interim financial statements relating to
June 30, 2000 and for the six month period then ended have not been audited by
independent certified public accountants, but in the opinion of the Trust's
management, reflect all adjustments, consisting only of normally recurring
adjustments, necessary for the fair presentation of the financial statements.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service, Inc. (Wright) to act as
investment adviser to the funds pursuant to the respective Investment Advisory
contracts. Wright furnishes each fund with investment management, investment
advisory, and other services. For its services, Wright is compensated based upon
a percentage of each series' average daily net assets which rate is adjusted as
average daily net assets exceed certain levels. For the six months ended June
30, 2000, the effective annual rate was 0.75% for all series. To enhance the net
income of the Hong Kong/China, Japan, Mexico and Netherlands series, Wright made
a preliminary reduction of its management fee by $9,980, $6,344, $10,386 and
$9,265, respectively. In addition, $25,000 and $23,000 of expenses of the Mexico
and Netherlands series, respectively, was allocated on a preliminary basis to
the investment adviser. The Trust also has engaged Eaton Vance Management (Eaton
Vance) to act as administrator of the Trust. Under the Administration Agreement,
Eaton Vance is responsible for managing the business affairs of the Trust and is
compensated based upon a percentage of each series' average daily net assets,
which rate is reduced as average daily net assets exceed certain levels. For the
six months ended June 30, 2000, the effective annual rate was 0.10% for the Hong
Kong/China, Japan, Mexico, and Netherlands series.
Certain of the Trustees and officers of the Trust are directors/trustees
and/or officers of the above organizations. Except as to Trustees of the Trust
who are not employees of Eaton Vance or Wright, Trustees and officers receive
remuneration for their services to the Trust out of the fees paid to Eaton Vance
and Wright.
(3) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
funds will pay Wright Investors' Service Distributors, Inc. (Principal
Underwriter), a wholly-owned subsidiary of Winthrop, an annual rate of 0.25% of
each series' average daily net assets for activities primarily intended to
result in the sale of each series' shares. For the six months ended June 30,
2000, the Principal Underwriter made a preliminary reduction of its fees to the
Hong Kong/China, Japan, Mexico, and Netherlands series by $7,218, $6,931, $8,065
and $5,819, respectively.
<PAGE>
(4) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Trust shares for the periods ended were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 2000 December 31, 1999
-----------------------------------------------------------------------------------------------------------
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------------------
HONG KONG/CHINA SERIES
<S> <C> <C> <C> <C>
Sales 389,727 $ 5,405,466 3,586,975 $ 34,295,296
Issued to shareholders in payment
of distributions declared 3,954 62,519 - -
Redemptions (385,120) (5,447,750) (4,042,866) (39,058,506)
--------- ------------ --------- ------------
Net Increase (Decrease) 8,561 $ 20,235 (455,891) $ (4,763,210)
=========== ============== =========== ==============
JAPAN SERIES
Sales 211,643 $ 2,727,947 544,316 $ 4,816,150
Redemptions (219,870) (2,832,083) (726,381) (6,130,627)
--------- ------------ --------- ------------
Net Decrease (8,227) $ (104,136) (182,065) $ (1,314,477)
=========== ============== =========== ==============
MEXICO SERIES
Sales 119,616 $ 887,988 2,281,564 $ 14,121,252
Redemptions (375,207) (2,709,130) (3,012,302) (18,558,433)
--------- ------------ --------- ------------
Net Decrease (255,591) $ (1,821,142) (730,738) $ (4,437,181)
=========== ============== =========== ==============
NETHERLANDS SERIES
Sales 86,266 $ 789,891 958,551 $ 10,545,172
Issued to shareholders in payment
of distributions declared 27,296 247,840 127,924 1,211,833
Redemptions (425,509) (3,900,216) (1,871,162) (19,901,449)
--------- ------------ --------- ------------
Net Decrease (311,947) $ (2,862,485) (784,687) $ (8,144,444)
=========== ============== =========== ==============
</TABLE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations, for the six months ended June 30, 2000, were as
follows:
<TABLE>
<CAPTION>
Purchases Sales Purchases Sales
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Hong Kong/China $1,882,993 $1,483,221 Mexico $1,073,962 $2,474,002
Japan 1,629,455 1,653,321 Netherlands 674,701 3,277,060
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and gross and net unrealized appreciation/depreciation of the
investment securities owned at June 30, 2000, as computed on a federal income
tax basis, are as follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
SERIES Cost Appreciation - Depreciation = Appreciation
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Hong Kong/China $ 4,010,306 $ 2,127,078 - $ 0 = $ 2,127,078
============= ============
Japan $ 3,391,874 $ 1,524,246 - $ 166,934 = $ 1,357,312
============= ============
Mexico $ 4,435,357 $ 2,182,500 - $ 421,067 = $ 1,761,433
============= ============
Netherlands $ 3,639,596 $ 2,355,916 - $ 251,587 = $ 2,104,329
============= ============
</TABLE>
(7) FINANCIAL INSTRUMENTS
The funds regularly trade financial instruments with off-balance sheet risk
in the normal course of their investing activities in order to manage exposure
to market risks such as interest rates and foreign currency exchange rates.
These financial instruments include forward foreign currency exchange contracts.
The notional or contractual amounts of these instruments represent the
investment the funds have in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
As of June 30, 2000, there were no forward foreign currency exchange
contracts open.
(8) RISKS ASSOCIATED WITH FOREIGN INVESTMENTS
Investing in securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
present in domestic investments. For example, there is generally less publicly
available information about foreign companies, particularly those not subject to
the disclosure and reporting requirements of the U.S. securities laws. Foreign
issuers are generally not bound by uniform accounting, auditing, and financial
reporting requirements and standards of practice comparable to those applicable
to domestic issuers. Investments in foreign securities also involve the risk of
possible adverse changes in investment or exchange control regulations,
expropriation or confiscatory taxation, limitation on the removal of funds or
other assets of the Trust, political or financial instability or diplomatic and
other developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers (particularly
those located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities markets,
broker-dealers, and issuers than in the United States.
Settlement of securities transactions in foreign countries may be delayed
and is generally less frequent than in the United States, which could affect the
liquidity of the Trust's assets. The Trust may be unable to sell securities
where the registration process is incomplete and may experience delays in
receipt of dividends.
<PAGE>
(9) LINE OF CREDIT
The funds participate with other funds managed by Wright in a committed $20
million unsecured line of credit agreement with a bank. The funds may
temporarily borrow from the line of credit to satisfy redemption requests or
settle investment transactions. Interest is charged to each fund based on its
borrowings at an amount above the federal funds rate. In addition, a fee
computed at an annual rate of 0.10% on the average daily unused portion of the
$20 million line of credit is allocated among the participating funds at the end
of each quarter. The funds did not have significant borrowings or allocated fees
during the six months ended June 30, 2000.
At June 30, 2000, the Hong Kong/China, Mexico and Netherlands series had
$276,000, $701,000 and $719,000, respectively, outstanding on the line of
credit.
(10) REDEMPTION FEE
Shares that are redeemed within six months of purchase will be subject to a
1% redemption fee. This redemption fee will be paid by each redeeming
shareholder to, and retained by, the respective fund. No fee is imposed on
shares of the funds purchased by an investor making an investment through an
investment adviser, financial planner, broker, or other intermediary that
charges a fee for its services. For the six months ended June 30, 2000, the
following fee amounts were paid by shareholders to the funds:
Fund Fee Fund Fee
--------------------------------------- -------------------------------
Hong Kong/China $35,055 Mexico $7,939
Japan 9,195 Netherlands 2,645
<PAGE>
SEMI-ANNUAL REPORT
OFFICERS AND TRUSTEES OF THE FUNDS
Peter M. Donovan, President and Trustee
H. Day Brigham, Jr., Vice President , Secretary and Trustee
A. M. Moody III, Vice President and Trustee
Judith R. Corchard, Vice President and Trustee
Dorcas R. Hardy, Trustee
Leland Miles, Trustee
Lloyd F. Pierce, Trustee
Richard E. Taber, Trustee
Raymond Van Houtte, Trustee
James L. O'Connor, Treasurer
William J. Austin, Jr., Assistant Treasurer
ADMINISTRATOR
Eaton Vance Management
255 State Street
Boston, Massachusetts 02109
INVESTMENT ADVISER
Wright Investors' Service
440 Wheelers Farms Road
Milford, Connecticut 06460
PRINCIPAL UNDERWRITER
Wright Investors' Service Distributors, Inc.
440 Wheelers Farms Road
Milford, Connecticut 06460
(800) 888-9471
e-mail: [email protected]
CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
TRANSFER AND DIVIDEND DISBURSING AGENT
PFPC Global Fund Services
Wright Managed Investment Funds
P.O. Box 5156
Westborough, Massachusetts 01581-9698
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of a mutual fund unless accompanied or preceded by a
Fund's current prospectus.
